Peak Bio, Inc.: Nasdaq/NYSE listing notice — Peak Bio completes SPAC merger; receives Nasdaq delisting notice for low public float

Peak Bio, Inc.

Completed business combination with Ignyte; common stock to trade as PKBO, warrants as PKBOW on Nasdaq from Nov 2, 2022.
Nasdaq notified company it fails to meet 1,000,000 unrestricted publicly held shares requirement; suspension set for Nov 10 unless hearing requested.
Entered new PIPE subscription agreements raising $3.025M from 302,500 shares and 281,325 warrants; also converted $1.75M in bridge loans into 176,579 shares and 164,218 warrants.
Waived closing conditions requiring $7.5M minimum cash and $20M total cash; Chardan withdrew as financial advisor and forfeited $550k fee.

item 1.01 item 3.01 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Peak Bio, Inc. received a nasdaq deficiency notice notice regarding other (rules IM-5101-2, 5505(a)(2)).

Exchange: nasdaq
Notice: deficiency notice
Rules: IM-5101-2, 5505(a)(2)

Exact text from the filing

November 1, 2022, Peak Bio, Inc. (the “ Company ”) received written notice (the “ Notice ”) from the Staff of the Listing Qualifications Department (the “ Staff ”) of the Nasdaq Stock Market LLC (“ Nasdaq ”) stating that the Staff has determined that the Company has not complied with the requirements of IM-5101-2 because (i) the Company has not demonstrated that its common stock complies with the minimum 1,000,000 unrestricted publicly held shares requirement in Listing Rule 5505(a)(2) (the “ Unrestricted Publicly Held Shares Requirement ”) and (ii) the Company’s warrants do not qualify for in

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Source: SEC EDGAR

accession 0001193125-22-275470

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